Watson's stock hits new high, pharma sector slips

TedGriffith

Shares of Watson Pharmaceuticals climbed to their highest level in more than a year Wednesday, a day after the drugmaker reported better-than-expected first-quarter profit and said its second-quarter profit could also exceed expectations. Shares of Watson
WPI, -6.25%
rose $1.39, or 4 percent, to $34.54. Analyst Angela Larson at Smith Barney upgraded her rating on Watson shares to "in-line" from "underperform." However, the analyst cautioned that the stock "has a history of volatility." Overall, pharmaceutical stocks were edging lower as the Amex Pharmaceutical Index
$drg
eased 0.4 percent to 322.16.

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